Cost of Living in Myrtle Beach, SC

Cost of Living in Myrtle Beach, SC: A Detailed Overview

With a median household income of $38,445, residents of Myrtle Beach, SC earn $36,135 less than the national median of $74,580. What makes that figure meaningful is the local cost context: Myrtle Beach's cost of living index sits at 93.5, placing it below the national baseline of 100. In practical terms, everyday expenses here run about 6.5 percent less than the U.S. average. The city is a small community of roughly 35,682 people, situated in the Southern United States. Even though raw incomes are modest, the lower cost base boosts effective purchasing power, meaning residents can afford more than the headline salary might suggest.

Housing Costs in Myrtle Beach

Homeownership is the centerpiece of the housing conversation in Myrtle Beach, SC. The median home price here is $280,000 — $132,300 lower than the national median of $412,300. A buyer putting 20 percent down on a median-priced property would finance approximately $224,000, producing monthly mortgage payments that leave generous room for retirement contributions, emergency savings, and daily expenses. On the rental side, the median sits at $1,100 per month, with one-bedroom units at $950 and two-bedrooms at $1,250. Housing overall claims about 32 percent of the typical household's monthly outlay. The rent-to-income ratio of 34.3 percent exceeds the widely cited 30 percent guideline, a signal that affordability pressure is real for many tenants.

Monthly Expenses and Budget Breakdown

How does Myrtle Beach's monthly spending stack up against the national average? The all-in figure is approximately $3,485, while the national baseline sits at roughly $4,357. The savings of roughly $872 per month translate to approximately $10,464 annually. The two heaviest categories are housing ($1,100/month) and childcare ($850/month). Grocery costs of $345 monthly come in below the national average. Utilities average $150, transportation $110, and healthcare $420. Entertainment runs $130, and childcare costs $850 for households that need daycare or after-school care.

How Myrtle Beach Compares to the National Average

Measured against the national baseline, Myrtle Beach sits 6.5 points below par on the cost of living index. That gap translates into roughly $872 in monthly savings — approximately $10,464 per year — compared to a household in an average-cost American city spending $4,357 per month. Those savings accumulate powerfully over time: directed toward index-fund investments, they could grow into a substantial nest egg within a decade. The affordability advantage is broad-based, touching housing, groceries, and daily services alike.

Myrtle Beach for Different Lifestyles

Retirees: Myrtle Beach earns its reputation as a retirement-friendly destination. While the tax picture in South Carolina requires some planning, the overall cost structure and local amenities create a solid foundation for a comfortable retirement. Coastal access adds appeal — waterfront walks, fishing, and the proven mental-health benefits of living near the ocean enhance daily life. Monthly healthcare costs of $420 and housing at 32 percent of the budget let retirees plan with confidence.

Families: In Myrtle Beach, childcare averages $850 per month — below the national average, easing the financial load for dual-income households with young children. A family earning the local median of $38,445 will need to budget deliberately to balance housing, childcare, and savings goals.

Young professionals and singles: A one-bedroom rent of $950 is the key figure for solo earners. Below the national one-bedroom median of $1,190, this gives singles financial flexibility for saving, investing, or enjoying the local social scene. Entertainment spending averages $130 per month, covering dining, fitness, and cultural activities.

Is Myrtle Beach, SC Right for You?

Whether Myrtle Beach is the right fit comes down to how its cost profile aligns with your personal situation. A cost of living well below the national average rewards residents with genuine financial flexibility — the kind that lets you build wealth, not just get by. With rent at $1,100, homes at $280,000, and total monthly outlays near $3,485, you have the raw material for a realistic household budget. Compare these figures against your current expenses using our calculator, research the neighborhoods that match your priorities, and — if possible — spend time in Myrtle Beach before making a final decision.